Jon Turnbull and Michelle Radom discuss the key changes being implemented by the Act, as far as they relate to insureds (and reinsureds) and insurers (and reinsurers).
It has been a busy period for those involved in UK insurance law reform, and this promises to continue. After many years of deliberation and consultation, important changes to UK business insurance law have this year been passed by the UK Parliament. The Insurance Act 2015 ("the Act") received Royal Assent on 12 February 2015 and will come into force in the UK on 12 August 2016. The Act amends certain key sections of the Marine Insurance Act 1906, and codifies reforms which were proposed by the joint Law Commissions of England & Wales and of Scotland following a review of insurance contract law which began in 2006. Some further changes have already been proposed to the Act, which are expected to come into force sometime in 2017, and we will deal with these below. We will also discuss some additional reforms which are on the radar of the Law Commissions and which may come to fruition in the years ahead.
Click here to continue reading.
This article appeared in the 2016 edition of The International Comparative Legal Guide to: Insurance & Reinsurance published by Global Legal Group Ltd, London.
The Insurance Act 2015 And Other UK Insurance Law Reforms
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
